The provisions of this chapter shall apply to all unclaimed
money or property, other than motor vehicles, which is recovered by
the Village Police Department and is not claimed within six months
after recovery.
After the expiration of six months from the date of recovery
by the Police Department, any money shall be placed in the general
fund of the Village.
After the expiration of six months from the date of recovery
by the Police Department, any property may be sold at public auction
in accordance with the following procedure:
A. Prior to any auction sale, the Police Department shall post a notice
thereof in the Police Station, Village Hall and Village Library and
shall publish such notice in a newspaper of general circulation in
the Village at least one week prior to such sale.
B. Such notice shall describe any money recovered or held, any property
recovered and held, together with the time and place of public sale
at which property may be purchased by the highest bidder. The highest
bidder shall receive a bill of sale for the property bought from the
Village.
C. Until the date of the sale, the money or property may be claimed
at the Police Department and, if proof of ownership is provided, such
money or property shall be turned over to the claimant and the sale
shall be cancelled insofar as such property is concerned.
After the holding of such auction sale, the money received from such sale, after deducting the cost of conducting it, and any money recovered and held which was included in the notice provided for in §
76-3 shall be turned over to the Village Manager to be credited to the general fund.